A gray divorce is one in which the participants are at least 50 years old. This is the one age bracket in which divorce rates are climbing in the United States. For all other age brackets, the frequency of divorce is declining – although divorce still does happen in every age group, of course.
Some people believe that divorce at older ages is going to be inherently less complicated because children are not involved. Even if the couple had children, they may be fully grown up and moved out of the house. But there are still many ways in which this can be very complex.
Considering retirement
For example, you may need to consider your retirement plans. If your spouse was earning a pension plan that was going to fund your retirement, for instance, then you may need to use a qualified domestic relations order (QDRO) to ensure that you still get some of those benefits.
Business owners
Additionally, many people are well along in their careers by this age. They may have started businesses or purchased franchise locations. Divorce can often be more complicated for business owners who need to protect their investment and their financial future.
Complicated financial assets
Finally, people have simply had longer to gather more financial assets or high-value tangible assets, which are going to be more complicated than they would be at a younger age. These assets can include real estate, investment portfolios, cryptocurrency, bank accounts, business accounts and much more.
If you’re getting divorced at any age, it’s very important for you to understand all of the legal steps you need to take.
